iSoy Technologies
Ray Willis had a winning idea. Scientists at the USDA Ag Lab, with help from the Biotech Research and Development Corporation, had developed a method for modifying molecules in natural plant oils that promised great possibilities in the field of cosmetics. By removing fatty acids and replacing them with anti-aging materials, the scientists had created the basis of a product line that screamed “sales potential”.
Before founding iSoy Technologies, Ray approached Bradley University’s Heartland Illinois Technology Enterprise Center (HITEC) for help. Since the formation of the Bradley Technology Commercialization Center (BTCC) in 2002, more than 400 technologies have been assessed for commercialization, with a significant number of those turning into successful businesses; they know how to screen for advanced technological opportunities, and Ray had one.
“This technology is very market disruptive and will change the cosmetics industry overnight,” said Nancy Wright, director of Bradley University’s BTCC.
The BTCC began by executing the difficult and time-consuming market studies that helped Ray identify the best business path for iSoy’s technology. The next step was to raise the money iSoy needed to launch its technology. The BTCC provided a network of potential investors and served as a liaison to the investing community, making introductions, arranging meetings and defining the terms to angel investors.
“The BTCC did quite a bit of the detail work. If it wasn’t for them, our company wouldn’t have happened,” Ray said. “The BTCC team is so trusted by local investors and entrepreneurs, it made the process much easier.”
Ray expects the first iSoy products to be available to consumers by September 2006. Meanwhile, Ray seeks out additional markets, permanent lab space and funding for his technology – requesting help from the BTCC when it’s needed. As research, development and business milestones are met, the company’s needs change, and the BTCC has the resources to meet iSoy’s growth challenges.
“Their job is supportive,” Ray said. “Their goal is to help companies get started, be there when they’re needed and shake your hand when they’re finished.”
Written by Ross Creative Strategies for the Illinois Entrepreneurship Network.